The law firm of Lieff Cabraser Heimann & Bernstein, LLP
reminds investors of the upcoming deadline to move for appointment
as lead plaintiff in the class action litigation that has been
filed on behalf of investors who purchased or acquired, sold, or
had open short positions or put options for the securities of
Tesla, Inc. (“Tesla” or the “Company”) (Nasdaq: TSLA) between
August 7, 2018 and August 17, 2018, inclusive (the “Class
Period”).
If you purchased or acquired, sold, or had open short positions
or put options for the Tesla securities during the Class Period,
you may move the Court for appointment as lead plaintiff by no
later than October 9, 2018. A lead plaintiff is a representative
party who acts on behalf of other class members in directing the
litigation. Your share of any recovery in the actions will not be
affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as
your counsel in the actions.
Tesla investors who wish to learn more about the litigation and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Tesla, incorporated in Delaware and headquartered in Palo Alto,
California, designs, manufactures, and sells electric vehicles and
electric vehicle powertrain components.
The action alleges that, during the Class Period, defendants
Tesla and Elon Musk, Tesla’s Chairman and Chief Executive Officer,
issued false and misleading statements and/or failed to disclose
material adverse facts regarding a possible deal to take the
Company private. The action alleges that defendants specifically
failed to disclose: (1) that defendants had not secured funding for
a transaction to take the Company private; (2) that Musk’s
statements that the deal only required shareholder approval to
proceed were false; and (3) that the status and likelihood of the
deal were misrepresented to the market given that financing was not
secured and the approval of the Board was still required.
On August 7, 2018, Musk stated in a tweet that he was
“considering taking Tesla private at $420. Funding secured.” He
then stated in another tweet that “[i]nvestor support is confirmed.
Only reason why this is not certain is that it’s contingent on a
shareholder vote.” On this news, the price of Tesla common stock
rose $37.58, almost 11% higher than the previous closing price of
$341.99 on August 6, 2018, to close at $379.57 per share on August
7, 2018, on extremely heavy trading volume.
On August 8, 2018, before markets opened, members of Tesla’s
Board of Directors issued a statement revealing that the board was
still evaluating the prospect of taking Tesla private, and thus
confirmed that any deal was still subject to board approval. On
this news, the price of Tesla common stock fell $9.23 per share, or
2.43% from the previous day’s closing price, to close at $370.34
per share on August 8, 2018, on heavy trading volume.
The same day, after markets closed, The Wall Street Journal
reported that the Securities and Exchange Commission (“SEC”) had
asked Tesla about Musk’s announcement on August 7, 2018 and that
Musk “could be in trouble if regulators develop evidence that he
made a statement aimed at goosing his company’s stock price.”
On August 9, 2018, Reuters reported that Tesla’s Board of
Directors was investigating whether funding was in fact “secured.”
On this news, the price of Tesla’s common stock dropped $17.89 per
share, or 4.83% from the previous day’s closing price, to close at
$352.45 per share on August 9, 2018, on heavy trading volume.
On the morning of August 13, 2018, Musk posted a statement on
Tesla’s blog confirming that funding for a deal to take Tesla was
not yet secured, that proceeding on a deal with Saudi Arabia’s
sovereign wealth fund for funding was “subject to financial and
other due diligence and their internal review process for obtaining
approvals.”
The same day, after the markets closed, Musk stated in a tweet:
“I’m excited to work with Silver Lake and Goldman Sachs as
financial advisors… on the proposal to take Tesla private.” Then,
on August 14, 2018, Bloomberg reported that neither Goldman Sachs
nor Silver Lake were yet working with Musk in an official capacity.
On this news the price of Tesla common stock dropped $8.77 per
share, or 2.46% from a previous closing price of $356.41 on August
13, 2018, to close at $347.64 per share on August 14, 2018.
On August 15, 2018, The Wall Street Journal reported that the
SEC had formally subpoenaed Tesla and was seeking information from
each of the Company’s directors.
On August 16, 2018, after markets closed, The New York Times
published an interview of Musk detailing his personal issues
leading up to his tweets on August 7, 2018. On this news, the price
of Tesla stock declined $29.95 per share, or 8.93% from a previous
closing price of $335.45 on August 16, 2018, to close at $305.50
per share on August 17, 2018, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
recognized law firm committed to advancing the rights of investors
and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for 15 years. In compiling
the list, the NLJ examines recent verdicts and settlements and
looks for firms “representing the best qualities of the plaintiffs’
bar and that demonstrated unusual dedication and creativity.”
Law360 selected Lieff Cabraser as one of the “Top 50 Law Firms
Nationwide for Litigation,” highlighting our firm’s “laser focus”
and noting that Lieff Cabraser routinely finds itself “facing off
against some of the largest and strongest defense law firms in the
world.” The publication separately named our firm one of five “2017
California Powerhouses,” the only plaintiffs' firm on the list.
Best Lawyers and U.S. News named Lieff Cabraser as a “Law Firm of
the Year” from 2012 through 2016, and the firm has received a
number of other recent honors, awards, and recognition, including
the National Law Journal’s “Elite Trial Lawyers,” Law360’s “Most
Feared Plaintiffs’ Firms,” and Benchmark Litigation's “Top 10
Plaintiffs Firms in America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20180918005987/en/
Source/Contact for Media Inquiries OnlyLieff Cabraser
Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358
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